This is for information purposes only and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. This has no regard for the specific investment objectives, financial situation or needs of any specific entity.

For the UK: this is issued by Collins Stewart Europe Limited (“CSEL”) which is authorised and regulated by the Financial Services Authority. Registered Office: 9th Floor, 88 Wood Street, London, EC2V 7QR.

For Guernsey, Isle of Man and Jersey: this is issued by Collins Stewart (CI) Limited (“CSCI”) which is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Supervision Commission and the Jersey Financial Services Commission and is a member of the London Stock Exchange, the Channel Islands Stock Exchange and ICMA. CSCI is registered in Guernsey and is a wholly owned subsidiary of Collins Stewart plc.

CSEL, CSCI and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

The information contained herein is based on materials and sources that we believe to be reliable, however, CSEL and CSCI make no representation or warranty, either express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. All opinions and estimates included in this are subject to change without notice and CSEL and CSCI are under no obligation to update the information contained herein. None of CSEL, CSCI, their affiliates or employees shall have any liability whatsoever for any indirect or consequential loss or damage arising from any use of this.

CSEL and CSCI do not make any warranties, express or implied, that the products, securities or services advertised are available in your jurisdiction. Accordingly, if it is prohibited to advertise or make the products, securities or services available in your jurisdiction, or to you (by reason of nationality, residence or otherwise) such products, securities or services are not directed at you.

Investments involve risk. The investments discussed in this may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor’s base currency, the value of those investments, and any income from them, will be affected by movements in exchange rates. This effect may could be unfavourable as well as favourable. Levels and bases for taxation may change. Collins Stewart Wealth Management is a trading name of Collins Stewart (CI) Limited in Guernsey, Isle of Man and Jersey and of Collins Stewart Europe Limited in the UK.